Congress Lifts the Ban on Crude Oil Exports

Washington, D.C. – Following a historic vote in the United States Senate and House of Representatives that removed the antiquated ban on U.S. crude oil exports, Producers for American Crude Oil Exports (PACE) Chairman Ryan Lance and PACE executive director George Baker issued the following statements:

“The American consumer is the beneficiary of today’s decision by Congress to pass legislation that includes an end to the ban of crude oil exports,” said Ryan Lance, chairman and chief executive officer of ConocoPhillips and the chairman of PACE. “Supported by a large body of independent research and analysis that showed Americans will benefit from economic growth, wages, employment and trade, ending the ban made eminent sense. It’s particularly important at a time when our industry is experiencing a period of extreme volatility and uncertainty.

“I’d like to thank the bi-partisan membership in the House and Senate who have supported repeal, and the leaders of both parties for including export ban repeal in this legislative package, demonstrating their understanding and appreciation of the importance of our industry to the economic and social success of the nation.”

Commented PACE executive director George Baker, “Today is truly a historic day. Lifting the ban on crude oil exports will protect and create U.S. jobs, strengthen our economy and benefit consumers. This day would not have been possible without tremendous bipartisan support from both the House and Senate. We are grateful for that resolve and collective, bipartisan work in getting this job-creating policy across the finish line.

“Over the past 14 months, PACE and our member companies have worked tirelessly to engage those who had questions, talk to anyone who was interested in learning more about the issue and make the case to the public that lifting the ban on crude oil exports was in the best interests our country and consumers. Today’s vote is the culmination of a lot work, by a lot of people.

“Modernizing our nation’s energy policy to reflect this new era of energy abundance is a win for consumers, is a win for the small business owners who support the energy supply chain, is a win for our economy and is a win for our allies and trading partners. Now that we have leveled the playing field, the United States finally has an opportunity to compete and realize our nation’s full potential as a global energy super power.”